Selling a property in probate?
A probate process needs to be completed before you can inherit a house and subsequently sell it. The process of probate proves your ownership and gives you legal rights to make decisions on the property. There are more complications when selling around the probate process and it may seem very daunting.
- Secure the House
- Insure the Property
- Contact the Council and Utilities Companies
- Value the Property
- Investigate Your Tax Obligations
- Start the Probate Process
- Market the Property
- Instruct a Legal Professional Probate is often a legal wrangle as well as coming at a hugely emotional time.
No matter how the property was owned, the value of the deceased person’s share is counted as part of their estate.
The personal representative or executor for the deceased person’s estate is responsible for dealing with the estate and settling all financial affairs. They must make sure that all debts and any tax due is paid before they distribute the assets of the estate.
If you decide to sell or rent out the property you have inherited, you may have to pay tax on the rental income or any profit you make when you sell it.
If you already own a home and decide to keep the house you inherited as a second home, you will need to nominate one of your homes as your main home and let your tax office know, because you can only have relief from capital gains tax for your main home. In many cases the tax obligation becomes too much for our customers, and a better solution is to sell the property quickly.
If the thought of managing the property is too much, contact our property experts for a cash offer. Speak to one of our property experts if you need advice, call us free on 0800 0443 911 https://www.nationalhomebuyers.co.uk/
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